It's not exactly clear what sparked the two-day sell-off, but DJT shares have attracted a number of speculators and short sellers, with the latter betting the stock would fall. Some of the October surge in DJT shares could have come from short sellers ...

The massive swings come as the stock suffered its largest percent decline on Wednesday after shares plunged around 22%. Since Tuesday, more than $3 billion has been shaved from the company's market cap, although the stock is still up roughly 130% from its September lows.

Trump Media has been volatile since it began trading in March, initially surging to a valuation that topped $9 billion despite a history of losses, before falling to a low of $11.75 a share in September. Much of the stock's movement is tied to Trump's political fortunes, with DJT swinging upwards when his odds appear to improve.